Creating a monthly budget can help you reign in your finances when you are going through a divorce. This can be incredibly helpful to keep you on track and ensure you don’t end up racking up debt on your credit cards. It also helps you keep moving towards your financial goals in a positive direction.

Your first step is going to be evaluating what your total net income is. Many people make the mistake of thinking about their income before taxes as their take home pay when in reality you have to consider that taxes, social security, benefits and retirement savings are taken out of your gross monthly income before your money is deposited into your bank account. The number you want to use is the number you get after all of these things are taken out of your paycheck.

Take a month to track your spending and at the end of the month categorize all of your expenses. Things such as gas, utilities, and your rent/mortgage are necessities that must be accounted for monthly. Things such as groceries and your cable bill can be categorized as adjustables. These are items that you could probably economize your spending with if need be. Finally, you have your expendables. These are items such as dinners out or the movies, these are items that you could eliminate and are not necessary spending.

During this month take the time to focus on what your financial goals are. Do you want to contribute to your retirement fund? Are you trying to pay off a credit card? Do you need to save for a down payment for a new home? Answer these questions for yourself so you know how to prioritize your spending and your budget.

Now you can go in and see after your necessities how much extra money you have left to spend. Here you can make adjustments to your list of expendable items first and then work towards lowering your adjustables as well so that at the end of the month you have enough left over to put towards your financial goals. By making these adjustments to your budget and sticking to them you are able to move steady in the right direction.

*If you had retirement funds when you were married that when you divorced resulted in a QDRO, our attorney Ashley Balicki can help you with the division of those assets. She is specially qualified to help with these financial matters. Call Divorce Matters at 720-542-6142 to schedule a consultation with her today.

Enjoying Time With Your Children on a Single Parent's Budget

After a divorce money can be tight on a single parent’s budget, but you know how important it is that you still spend time participating in activities with your children. You just don’t have to break the bank to do it! There are plenty of fun ways to spend time with your little ones without spending a ton.

One of those ways is to take your kids out on a hike. Plan your route ahead of time based on their experience and how far they can go and then spend the time on your hike pointing out wildlife and spending quality time catching up with them. If you are feeling particularly adventurous you might even bring a tent along and spend an evening with them around the campfire.

Another great way to spend time with your kiddos is to have a movie night in! Grab a couple of age appropriate classics and settle in with some popcorn and candy. You could even set up a fun fort with them ahead of time for them to watch the movie from.

Perhaps your kids are old enough to begin teaching them how to cook. This is a great time to start showing them the basics of nutrition and the importance of home cooked meals. Talk them through the recipes and cooking processes as you go and eventually have them start doing it. Soon enough they will know how to cook for themselves in a safe and nutritious manner.

There are always great ways to spend time together with your children enjoying new experiences, don’t be afraid to get out there and find them!

If you are looking to find out more about what your maintenance or child support might look like when going through a divorce so you can better plan for your financial future, Divorce Matters offers a free app that can help. Visit us at www.divorce-matters.com/apps and visit either the Google Play or iTunes stores to download our free Child Support and Maintenance Calculator App.